Ionia & Wealthy Condominium

Key facts from Ionia & Wealthy Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Ionia and Wealthy Condominium

Developer / declarant

Ionia and Wealthy, LLC

Governing law

Michigan Condominium Act, Act 59 of the Public Acts of 1978, as amended (MCLA § 559.101 et seq.) (Recitals and Article III Section 1)

Assessments & dues

Board of Directors establishes an annual budget projecting expenses; assessments are based on that budget and apportioned according to each Unit's Percentage of Value. (Bylaws Article II Section 2(a) and Secti)

Special assessments

Special assessments beyond budget may be levied by Board, but those exceeding $5,000 for additions to Common Elements, to purchase a Unit upon foreclosure, or other appropriate purposes require prior approval of 100% of Co-Owners in number (Bylaws Article II Section 2(b))

Collections & liens

Association has lien on Unit for unpaid assessments, interest, fines, costs. May foreclose by judicial action or advertisement. A written notice and recorded affidavit required before foreclosure. Co-Owner waives notice and hearing for adve (Bylaws Article II Section 6)

Reserves & fees

At minimum, reserve fund shall be equal to ten percent (10%) of the Association’s current annual budget on a non-cumulative basis. Must be funded by regular monthly payments. (Bylaws Article II Section 2(a))

Maintenance

Building roof is a Limited Common Element reserved for exclusive use of Units 1 and 2 (subject to Article VII Section 4). As such, Association maintains Limited Common Elements that are not individual responsibility. But roof may also be su (Article IV Section 2(b) and (e); Section)

Insurance

Each Co-Owner must obtain fire and extended coverage, vandalism, malicious mischief, and general liability insurance for their Unit and improvements within perimeter, in amount equal to maximum insurable replacement value (excluding foundat (Bylaws Article IV Section 2)

Use restrictions

Primary intent is multi-family residential housing; however, commercial space in Units 3 and 4 is permitted to comply with zoning. Units 1 and 2 contain multi-family residential housing space. (Article I)

Voting & meetings

Based on Percentage of Value assigned to each Unit, except as otherwise provided for Limited Common Elements or specific situations (e.g., Units 1 and 2 each have undivided one-half interest in certain Limited Common Elements). (Article V Section 2; also provisions for)

Amendments

Master Deed and Condominium Subdivision Plan may be amended with consent of two-thirds (2/3) in value of Co-Owners, except: (a) No material modification of Unit dimension without Unit owner consent; (b) No material modification of Limited C (Article VIII Sections 1-5)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.